They helped us with our homework, took us on summer vacations and made every birthday feel special. They were there with us when we graduated, got married and had our own children.
Since day one, our parents taught us about life and how to live it and as it goes, when we grew up, they grew old and now need our support in ways like we needed theirs.
If you’re providing care to your parents, you’re not alone. Nearly a third of all American households are too. But the challenges of taking care of our aging seniors can be expensive and emotional. So where do you start?
First you need to get organized and you need to know your options. Here’s a check list to go over together:
Find out what they own and what they owe?
What are their assets and what are their debts?
Next, look into their income. How much do they receive from pensions, social security, IRAs and investments?
Calculate their fixed expenses. Can they make ends meet or is it time to make some lifestyle changes?
Find out about their insurance and their will. Make sure you have access to all their important legal documents, policies, banking and investment accounts.
Talk with us about organizing all your parent’s financial information online, where you can easily monitor it and it’s instantly accessible should anything happen.
Check out the community services available to seniors in your area. You’ll be surprised how many great resources exist for our ever aging population.
Look into senior living communities sooner than later. You want your parents to move when they’re able to not when they have to.
Follow this basic check list and you will be on your way.
Once you have a clear view of their situation, you can help them where they need you most and they probably need you more than they will ever admit.